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earnings cycle. also in this environment the u.s. economy is growing more like 2% and a lot less like 4 in that environment pricing is going to be challenged and the top line sales is not going to be universal for all firms. it will be balance sheet by balance sheet and case by case. security collection becomes far more important. >> i was going to say as you point out the profit growth picture has been pretty good but we are getting at the mature point in that cycle and the forecast is about 1% or 2% overall growth. there are always ways to make more money than the index tracking would lead you to believe. where do you think the pockets of possible better than average profits would be? >> so we do like equities. when you compare that to fixed income certainly in government space so we like equities and we like global equities. it will have to be a multi asset strategy which is kind of all of the above. looking at commodities and debt and equities and looking in companies in europe. there are good companies with strong balance sheets in europe, as well. looking into russia, indonesia, m
-on/risk-off environment that we have to be cautious. yes, there's room to grows and investors have totally forgotten about europe since last summer. don't be surprised if it comes back later on this year. and quite heavily. >> how does it come back, though? is it the banking sector? specifically, let's talk about actual impacts to the u.s. market. >> well, the impact has a lot to do with the concern of where we're going, the kind of money we're spending and the kind of debt we have. you know, we're not too far behind europe. and obviously, we're a long way away from greece, but when you look at germany and france and some other companies, it's still a very dangerous environment. they still have a very low to negative growth rate. we're still looking at positive. you know, we had some good response from the housing market earlier today, but we still need to be very, very cautious. yes, there's room to grow. prices of stocks are not overvalued by no means. but we still need to be very cautious of where we're going in terms of debt and the economy. >> all right. so we're vulnerable in that regard. let's talk
have suffered. it's a low-interest environment, which makes stocks the only liquid investment game in town and that explains the market we're in. joining me is the the chief economist at rbs securities and ned riley, the ceo. i have laid out why the fed has fuld the rally. when you buy a stock, you're buying a share of its earnings. the price to earnings ratio used to figure out the value of a stock is still low. let's take a look here. i want to show our viewers. the s&p 500 is seeing average earnings of 15. that's the bottom bar. that's half of where they were. lower than where they were five years ago when the dow was trading at about where they are now. that makes me think this isn't just the federal reserve. what do you think? >> it isn't. as a matter of fact, the fear that's in people's hearts right at the moment, it reminds me of rodney dangerfield. the market has no respect. nobody has respect for this market that it is real. clearly we're seeing the public and institutions, i might point out, have been lowering their equity exposure. the the public only has 30% in ek equit
boring monetary policy environment. nothing has happened. a lot of detailed nuances, minor changes in wording in the fed statement. actually, that's what we ought to want. monetary policy ought to be as boring as the electricity supply. when you turn the light switch on you want allied-signal one. you don't need to know anything more. that's where we are right now. but there is an issue lurking in the background that needs to be discussed. it is not being discussed in the market or in the fed. cheryl: what is it? >> that issue, that issue has to do with congress -- granting that fed the party in 2008 to pay interest on bank reserves. and that interest is now only about 5 billion per year at 25 basis points. but at an interest rate of 1 percent where the fed is going to be going in some places along the way that would be four times as much. assuming that reserves are in the neighborhood of 2 trillion which is where they are no. as the fed goes of, go to 2% that doubles once again. think about the fiscal clef the legislation that was accomplished at the very end of last year, signed
, and we need to really realize that we are still in a very slow growth environment. >> well, robert, let me ask you about earnings and whether or not we are going to see an upset once we start getting the numbers for the first quarter. the s&p capital iq is expecting earnings growth for the s&p 500 of 0.6%, no great shakes, that's for sure. >> i agree with that maria. and i think this has really become a position in the market, where we have had a great run. so you don't necessarily go out there with the broad-based index. you have to look at selective stories to invest your money in right now. the transports, first and foremost to us, were looking a little bit overvalued anyway. but if you break the transports down and you look at a company like csx or a norfolk southern, for example, those companies have continued to hit highs this week, and that's based off of valuation. fedex was a company, in my opinion, that was priced for perfection, they came out and reported lousy earnings and that doesn't surprise me. i think u.p.s. is a much better company. they didn't get hurt nearly as bad.
, what do you think? >> we have gone pretty far, pretty fast. in an interest rate environment. look at it from a relative basis, so that the equity market is pretty interesting place to be. we really haven't seen for a while. lou: we will get some indications on the housing market, we will look at building permits primarily, what are you expecting? >> still think the housing market is in pretty good shape, but if you look at the opportunity out there, seeing some places the housing market is doing pretty well, seeing a lot of the excess capacity in the marketplace, in a zero interest environment, a fair amount of the capacity, investment classes come in and actually bought up a fair amount of those equities. are we going back to the old days, absolutely not. lou: sean matthews, good to have you with us. now to the weekend talks office where "oz" continued to dominate, the prequel to "the wizard of oz." easily taken the number one spt for the second weekend in a row. warner bros. failed to live up to the title debuting at $10.3 million. nielsen will relate sunday ratings tomorrow. y
's a real big play. i'd love to know how citi holdings is doing in this rising environment. >> there's a lot to like. i like citi here and there you have the opening bell here. visa celebrating five years of trading on the nyse and at the nasdaq, the academy of nutrition and dietetics celebrating national nutrition month. >> by the way, speaking of banks and refinancing, the american consumer continues to refinance their household debt either through a refi of their actual home or taking out another credit card with a zero balance or low-balance offer and transferring the balance. visa was a $69 stock two years ago and it's opening today at about $159, right? >> look at that gain. in a market where people are still weak and we still have a tough consumer. >> remember, big international play. >> yes. much more so than ma. >> and it's just a very well-run company. >> a lot of american guys who have been good and have also been run by a foreign individual, and i don't mean to be phonetic, but this is a big worldwide company. >> i changed banks recently because my bank ceased banking so i got a
environment. >> you have to think about this. it's a process. it's physical therapy that now the patient is ready to talk again. >> it's sedation. the patient needs to be told they're going to get better. >> if i buy your argument, david, there's an inflection point that low interest rates are stimulus to a point and then it goes the other way. don't i only have to look to ecb for prove that's not right which kept its rate at 1%? >> there's so much else going on suppressing the economy. >> it's europe. >> i don't think we can -- >> they have a few labor issues, don't they, steve? a few structural problems. >> the analog is ecb did not go all of the way down. it maintained. >> it's europe. >> i don't think that borrowers or lenders really care whether the rate is 1% or half a percent. i don't think it makes any difference at all. the issue for people planning to buy a house or planning to expand a business is how the economy will do. part of the federal reserve's message that we'll see today that's crucial to the statement today, are they going to downplay the economy and talk about outsi
opportunities to do some stock picking in this environment and that's really what people need to be doing prp. >> so you're going to want to buy what jim lacamp's selling, is that the idea? >> as long as there are proven fundamentals and an attractive valuation argument. >> all right. rick santelli -- >> now, wait a minute. the fundamentals aren't improving that much. we're seeing earnings start to deteriorate. and fedex and caterpillar, their earnings started to deteriorate. we're seeing some of those if you want fundamentals sl s slac. >> you can't just go blindly by, you know, equities across the board. but there are opportunities to find pockets of the economy that are growing, despite all the negative and worries out there, as far as the macro environment. >> okay. but what about the fact that, you know, we were talking about this yesterday, bill, the s&p is expecting earnings growth, the s&p 500, of 0.7% for the first quarter. so we are looking at an earnings deterioration here. now, they're expecting things to pick up later on in the year. but if you're saying there is growth in the ec
of people worried about the impact fracking has on the environment. this is a possible solution, i guess, yes? >> it is, exactly. i help lead an investment group and funded some brilliant scientists down in florida actually a few years ago. our technology uses no chemicals. we actually in the past since 2008, we've cleaned over 2.8 billion gallons of water, which has eliminated 1.3 million gallons of chemicals. we allow these companies to, first of all, clean the water before they use it the first time, and then also recycle it and reuse it in their process. so we're closing the loop for these responsible companies. >> what about, drew, the government standards? i mean, hasn't this been one of the big detriments for moving forward? how have the standards changed? >> you know, it has been. and they're pushing for more transparency, regarding what chemicals are used, but where we come in, we eliminate those chemicals almost entirely. we allow these companies, we have technology that allows these technologies in realtime to clean their water, recycle it, and reuse the water. so we're elimin
. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ ...it's my job to look after it. the words are going this way-there's no way. oh, the lights came on. isn't technology supposed to make life easier? at chase we're pioneering innovations that make banking simple. deposit a check with a photo. pay someone with an email. and bank seamlessly with our award-winning mobile app. take a step forward... and chase what matters. >>> some patchy low clouds. mostly sunny in the morning. cooler by the coast. increasing high clouds later today leading to rain tomorrow. >>> all right, steve. 7:13. in indiana two people died, their private jet crashed into a house near the south bend regional airport. two other passengers and one other person on the ground was hurt. the plane was flying from tulsa when it hit three houses and got stuck in one of them. >> all
their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> cloudy to mostly cloudy. still some light rain. temperatures in the 50s. if we can get a few sunbreaks, it could feel muggy. it looks like this afternoon rain will be ending. >>> the top u.s. military commander in europe says several nato countries are working on contingency plans for possible military action to end the two-year civil war in syria. but the commander says a resolution from the u.n. security council and agreement among nato's 28 members will be required before taking a military role in syria. the commander tells us the senate committee that he believes providing military assistance to the opposition would be helpful in bringing an end to the war. syria's main opposition group is demanding a full investigation into an alleged chemical weapons attack by president assad's forces. >>> happening right now, president obama is on his first visit to israel since takin
. ♪ ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ ♪ >>> cloudy to mostly cloudy. still some light rain. temperatures in the 50s. if we can get a few sunbreaks, it could feel muggy. it looks like this afternoon rain will be ending. >>> the top u.s. military commander in europe says several nato countries are working on contingency plans for possible military action to end the two-year civil war in syria. but the commander says a resolution from the u.n. security council and agreement among nato's 28 members will be required before taking a military role in syria. the commander tells us the senate committee that he believes providing military assistance to the opposition would be helpful in bringing an end to the war. syria's main opposition group is demanding a full investigation into an alleged chemical weapons
energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ ♪ hello. hello? the words are going this way-there's no way. oh, the lights came on. isn't technology supposed to make life easier? at chase we're pioneering innovations that make banking simple. deposit a check with a photo. pay someone with an email. and bank seamlessly with our award-winning mobile app. take a step forward... and chase what matters. >>> some patchy low clouds. mostly sunny in the morning. cooler by the coast. increasing high clouds later today leading to rain tomorrow. >>> all right, steve. 7:13. in indiana two people died, their private jet crashed into a house near the south bend regional airport. two other passengers and one other person on the ground was hurt. the plane was flying from tulsa when it hit three houses and got stuck in one of them. >> all of a sudden, sputtering
choices. we're doing burgers in a different way in a new fast casual cooked environment. >> how much of a challenge is it when you come over here when horse meat is big in the news. >> food supply is really important. it's something we all have to face. we're using certified angus meat in the united states and we'll be using that here in europe and it's something we'll do a good job of keeping our eyes on. >> what do you think is smashburger's edge? we've been winning great food awards around the world. we tapped into this fast casual business model where you walk up and order and we bring the food to your table for you with a real nice fork and plate and offer $8 to $10 equivalent in the u.s. >> it's a higher price point, a different customer and hopefully better margins. what are your profit margins like and where do you want to see them go? >> we focus on getting the business of burgers right. our margins are approaching 20% which is really leading in the restaurant industry. we're doing well north of a million dollars out of our restaurants and we're doing it for less than half a
developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> stocks have opened higher after big retail names reported higher earnings. tiffany and darden posted profits that were higher. overseas, markets have recovered. the dow up 77. s&p is up 8. nasdaq is up 14. well, a glimmer of hope for cypress. it has until monday to raise billions billions billions billions billions billions of euros. the money from moscow would not be a loan because that would increase the debt burden which the european union said it would frown on. >>> blackberry ceo says apple lacks innovation. he made that excellent hours before the u.s. launch of the new touch screen blackberry. the iphone does not allow for multitasking. the blackberry lets users have multiple apps open. they will announce sales numbers for the phone in other countries. >>> twitter being taken over by law enforcement today, ver
will be a long-term problem. ashley: as long as this goes on, doug, we talk about the goldilocks environment but it is exactly what it is. it is not too hot to prompt the fed to pull back on its qe. but it is not too cold to push the economy into a recession. so kind of of in this same environment. how long do you think this could last? >> i don't buy the goldilocks analogy because we are in a low to zero growth. fourth quarter gdp in the u.s. is still zero. corporate profits in the third quarter were negative. we're slightly positive now. but first quarter consensus is negative again. where is goldilocks? only the fed stimulus, the fed is protecting a really tight monetary stance by u.s. congress, raising taxes, and, no, i don't see goldilocks at all. tracy: goldilocks is arguably uncle ben, right? he is not going anywhere anytime soon, right? i could make a argument, sell in may, do away thing doesn't count this year. >> i agree with that one, uncle ben. i hadn't heard that before. ultimately it i is pushing on a string. you need to have private economy, you need u.s. corporations, you nee
the cash method of accounting. what to make of, well the entire environment for growing a business in this country? ali wing, founder and ceo of giggle, the baby chain of stores and online sales. she joins us now. in terms of what you're seeing, just broadly, ali, the tax environment for you, it is getting worse, no? >> it is. i'm actually just in the middle of annual compensation reviews. i know every employee right now is feeling less in their take-home pay. that is a pressure of a different type for businesses. but it's the same old theme, whether it was not charging online only businesses sales tax or people off-line had to have it. just needing to even the playing field. not a disinincident tiff to big next generation of big businesses in america and right now it is still uneven. dagen: we talked about though the complications created by government, local government, state governments, the federal government in running a business today. we're celebrating the anniversary of the health care law and, what we've seen washington do in recent years. is it getting worse to grow a bus
or even buy a new home? >> the interest rate environment has been great for five years now. they are rising from such a low point. i do not think another 100 basis point rise will do that. the economy slowly creeks upwards, we will see an improvement on the housing market. there was a chart that we had during the bubble. as i said, we have the climbing no class incomes. we have housing prices starting to rise again. watch for a repeat of the previous bubble. dagen: you could see a divergence from not, correct? >> we very well could. fannie mae is purchasing the% down loans again. dagen: diggity dog. uncle sam is standing willing and ready. when it you be a fool not to take advantage of that? >> there are some people that have certain libertarian market people that would balk at it. i think we are starting to pick up. do not get too excited when all the obamacare taxes kick in next year. i would go into any of the markets like miami. the whole purchase to rent phenomenon, all the investors are jumping in and buying rental properties. the holster is wearing off on that. it di
need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> all right. welcome >>> all right. welcome back, everybody. first up, last week, president obama told a tv interviewer he didn't have immediate debt crisis. or we in america don't have an immediate debt crisis. and this weekend speaker boehner said basically the same thing. >> we do not have an immediate debt crisis. but we all know that we have one looming. >> all right. you know what, i think they both could be right. i don't think we have an immediate debt crisis. i like to see more growth, not just debt root canal. oh, my god, i said it. that's, by the way, why the business round table of american ceos is pushing hard for a lower, more competitive, more pro-growth 25% corporate tax rate. so let's talk about this. steve forbes, judd gregg, jared bernstein, still with us. all right, steve forbes, look, i have -- i want to balance the budge
forecast saying the business environment is improving. shares of general mills rose more than 2.5%. and the big jump in shares of blackberry thanks to a morgan stanley upgrade. morgan stanley saying now there may be room in the smart phone market that's dominated by an droid and the iphone operating system for blackberry. the vote of confidence comes just two days before blackberry's make or break z-10 goes on sale at at&t stores. blackberry rose $16, that's a gain of almost 6.5%. >> and, suzie, one of the roadblocks to the housing recovery has been tight mortgage credit. rates may be low, but they're only good if you can get them. as we look at the spring buying season, lenders are starting to ease up. not so much on their standards, but on the types of loans they can offer. >> after being turned down for a mortgage last year, leah harris has been renting in washington, d.c. now, she is finally moving into a home of her own. >> i tried last year at about the exact same time and nothing was different than it is now. same income, same assets, pretty much everything was identical.
of a traditional - some might even stay healthy - environment to be trading in? > > sure. yes. i think that what we were seeing was somewhat inefficient, if you will; although, again, for anyone who was long, they were certainly enjoying it, and short-sided activity was paying the price, but it wasn't really efficient in terms of that two- sided activity. we are seeing much more two-sided anticipation right now. again, though, as i mentioned, it has been a little bit heavily weighted to the sell side, which is completely unusual for what we are used to seeing, even, for the most part, throughout this whole year. really the last few months have just been about upside activity and all about buy-side activity. so, we are actually seeing some rotational type trade occurring here, and we are seeing some activity, again as i mentioned, across the board, other major markets are starting to take notice. > all right, you have a good final day of the week trading today. > > thank you, you too. > thanks ben. more than pay, being a ceo is pay dirt. already a sore spot with the public, ceo compensation is getti
? >> i do. what the united states is offer something a more stable environment. yes, of course, it's sluggish growth. and it also offers something call dividend. if you have bank deposits that will now be uninsured, where can you put your money? in the united states we have limits as well in terms of how much federal insurance we cover deposits. but if you put your assets in a company stock that has a solid balance sheet. yes, you will get flexuation but the dividend is a nice alternative rather than waking up and the government telling you that you lose 30% of your money. >> that woultd be a bad wake up call. so, now, check out the yahoo! finance question of the day. how are you positioning the international holdings in your portfolio? we'll bring you the results later in the show. let's go to josh with the market flash. >> check out thetanking now. the analysts saying that they are gaining on check point. conversations indicate a marketed increase in share losses in the past several months. sue, back to you. >> thank you very much. it's risk off today. we're off 116 points right
of orders for commercial vehicles is coming up pretty nicely. so i think that the environment looks pretty bright for this part of the world. here again, we are continuously outperforming. we have been able to grow the revenues by 32% over the last few years. i would not say that europe is yet on this kind of recovery. i would say that europe is what i would call a holding pattern. it is such a great power. connell: given all the problems thhy have had, i know what you mean. >> you cannot think long-term of europe not been to a recovery. what we have here is outperforming every year. connell: when you plan for the future, the company makes auto parts. what do you think about? >> we do a lot of electronically driven systems. automatic manual transposition systems. and a lot of systems. connell: when you are planning out for the future, how far do you look? when one buffett invests, a lot of times it is a long-term outlook. what is your horizon is a ceo? >> it is important to be looking at long-term, taking care of short-term opportunities. ten years ago we focused on the ahead of competitio
to reduce their exposure. will we now have is a terrific tax environment. >> know it's several thousands of dollars. cheryl: thanks to all of you. different perspectives on the tax environment. it's rough out there. thank you for being here. >> a pleasure. >> thank you. cheryl: all right. let's share something highly -- happy. new jobs. unemployment is down. the reasons why coming up. as we go to break, let's take a look at someone in names overall on the nasdaq. we will be right back. ♪ all stations come over to mission a for a final go. this is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪ cheryl: time for your westcoast minute. san francisco's union bank is expanding in arizona. the bank has decided to open a new mortgage operation center. the center is expected to create 250 jobs. the governor offered tax incentives to union bank which is owne
related to each other, as long as the current environment exists as it does come interest rates as low as they are, there's really no incentive for washington to get back together and fix the fiscal situation because they are not forced to. so you say they will be by when, 2015, middle of the year? it'll be a while, in other words. dagen: it will be a while, but the good news is the budget deficit is actually declining. suggesting a decline for the next three years, so there's a little bit of time in washington to get it right. it is not as imminent, you have not done sequestration, but it is still the fed, all about the fed. what the market will be focused on is not so much when they will raise rates because that is forever into the future, but will they be skimming back the 85 billion in purchases? i don't think there will be any sign that will happen. i think it is helping the economy. connell: you agree with the policy? >> i agree with the policy, but what is propping up the stock market is the better economy. and i cannot attribute that alter the fed. a lot of people don't think t
continues to be the case. i think that we're in a very low interest rate environment that continues to create this wealth effect and the money continues to go to the stock. >> got to leave it there, ben. thank you so much for your time today. >> thank you. >> want to show people quickly what's happening in gold and copper. copper is selling off. we talked briefly about china on the program, but the message should be it's not about a country of 1 million of 0.2% of zero gdp. it's about china and whether global growth jitters are coming back to the fore. with that in mind, we'll hand you over to "squawk box." thank you so much for tuning in. have a great day and hope to see you back here tomorrow.
focus makes it a good bet where the environment is growing. if you had to own an airline it should be alaska air because there's no more competition and it looks more and more like alaska air it has a beautiful balance sheet and beautiful growth prospects and they have decent fuel hedges and plus, they're still working through the benefits of the airtran composition and just last week we heard from the ceo of spirit airlines right here, that's the best-run low-cost player in the sector with terrific growth. remember, the ceo of save -- yeah, the cool symbol -- despite his low-cost structure, he's not competing with the majors. he's adopted what i call a wee willie keeler hit them where they ain't strategy. just google it. here's the bottom line, in the real world, we might not be able to invest in genuine unfettered, gorgeous monopolies like the rails, but oligopoly is the next best thing, and the airline business is the newest oligopoly out there. i like the three big boys the best, delta, united continental and especially u.s. airways, although up here we can wait for the pullbac
, job growth will continue to be over 2,000. and i think in that kind of environment, the fed will start to taper the pace of qe. sometimes in q3 and, yes, by the end of this year, i expect the qe to stop. but rates will be very low and the fed's balance sheet will be bloated for quite a long time. >> given the issues in europe, why take the risk? why even hint to markets that they may be exiting? or paps why not leave the accommodative can policies in place to help support the global economy? >> as we move into the summer, i think at that point the cost of this continued open ended deposit continues. i think they've come to the conclusion they don't need it as much. i think at that point, europe will probably be a little more stable. >> joe, in a word, jobless claims today, then, critically important. >> very important. i think they'll stay well below 350. >> it's an important level to watch. appreciate your time. from thank you, kelly. >> thank you for joining us on the show today. i'm kelly evans. this has been "worldwide exchange." time now for "squawk box" in the u.s. remember, peop
of my idols in business. they can't do as well in this environment. why is qlik view doing well if oracle can't? >> i think we are in one spot, they're total market. i think we drive the next generation of software. ease of use, time to value, agility and flexibility are the key drivers. more and more corporations are seeing that. if i don't empower my employees to make smarter decisions, i'm missing out on a big opportunity. we've been in that business for 20 years. we only focused on the user and the user's behavior when it comes to interacting with data. >> mark benioff has been on our show from sales force. he's trying to develop a dashboard people can use, sales people can use on the road, for instance. why is yours better than his or do they work together? >> they work together. i think mark built a great company. he's disrupted an industry just like we are doing in this industry we are in. one of our most common data sources for our clients is his system. so we sit on top of sales force and maybe two or three other sources and provide you with a dashboard of insight from
. cheryl: ideal economic environment, you're looking at the economy even though we had kind of a mixed picture today and then, again, corporate valuations. that's the bulls' side of this. john, i know you're bearish. you're calling for serious corrections on the s&p and dow. you're saying it's going to happen sooner rather than later. what are you seeing on the other side of the coin here? >> well, look, when things are euphoric, which they are, when alan greenspan comes out and says pie stocks along with the movie stars and, of course, our good friend, ned, then you should be looking to sell. and i'd also like to say this, i was on the show here last april 2012, we were pounding the table then, but right now you've got some real headwinds, and i'll give you a few of them. one, gdp is benign, .1%, you know, in fourth quarter of 2012. analyzed numbers are running around 2%, it just isn't keeping up. unfortunately, the treasury market is not confirming here. you know, if the ten-year was at 275, i'd say we'd probably leg up here, not happening. you know, and i think, thirdly, look at ear
will be multiple expansion. we're selling 13 and a half, 14 times 2013 earnings. in a low interest-rate environment that is very cheap. we can easily get up to 15, 16, even 17 and not be out of line with historical experience. i think it is multiple expansion that is going to be the key because, again, we know there are $10 trillion in money funds or in bank accounts earning nothing. people are eventually going to say, hey, i am going to go get some of that dividend income. i am going to move back. it has only been done little but so far. we could see a much bigger movement and one that i think is fully justified by the fundamentals behind the market. david: are you surprised more money has not come out of the bond fund? there has been a lot of money going into stock fund, but there has not been a big drop-off, frankly not at all, of money in bond funds. why not? >> i think, again, a lot of people cling to the bond funds because if their is a crisis, like we saw in greece, the treasury market possible little bit. if you hold treasury's you can look at those and say, that cushioned the decline in th
russian stock for eight last 18 years for a very limped time. the environment they operate in is not what we're looking for sustainable growth over a period of time. lauren: so many of these emerging markets have rampant corruption. last week i was in vietnam. i was in cambodia. that is all i heard. so as an investor do you want to go into a government where the company has to, pay money here and there to get what they want done? >> no, you don't. and not that even in our own country this has never happened before, as it has. but you have to be selective. there's a lot of lack of transparency in the russian market and the chinese market. there is issues in the indian market as well but there are still companies with great corporate governance that have a long operating history of providing shareholders with the kind of returns that help them achieve --. david: the problem you're company peting with investors like chinese investors who are willing to bribe and the chinese are everywhere in these emerging markets. >> well they are, and it is sad if you looked at the situation with sino fore
of ceos talking about the lack of clarity in the global environment. i know a lot of the digital marketing dollars right now are based in the u.s. but these numbers seem pretty bullish to me. do you feel better or more cautious than last quarter when you look out at the rest of the year from here? >> jon, i think the macro trend is more spend is going to go digital. and when people talk about big data, we're the big data company for marketers. so as you talk about the hundreds of billions of dollars, where people are going to want to know what the return of investment is, there is no other company that's as well positioned as adobe, to really let them know how to spend that money and to accurately reflect what the return of investment is. so we think that the macro trends will fuel this business for many years. >> so what would be an appropriate growth -- yes, what would be an appropriate growth rate, then, for adobe? obviously, your stock is trading higher in the extended hours. a lot of people very pleased with the earnings results that we saw. is this sustainable, this year and next? wh
for under 15 minutes. it's a different environment. now they just play off the s&p, it gets to a level, people get back in, gets to a resistance, and they get back out. it's in and out, real quick. >> the number you would get, it changes on a daily basis. >> constantly, constantly. >> down 87 points here. we keep waiting for this correction. do you think we're going to be there at some -- it seems that each time we get this sell-off, somebody comes in to buy it up. >> again, the programs come in and buy it right up. you would like to see a correction, you would like to see this market correct, wash out a lot of things, but i don't think it's going to happen right now. i really don't. i think this market, as long as the feds keep injecting $85 billion a month, it's going to keep drifting up. it's going to leak up, like i say. >> well, it's leaking down right now, alan valdez. thanks for being with us here. we're heading towards the low. at the low of the day, we were down 128 points. right now, down about 88 on the dow jones industrial average. and again, we honor those members of the m
the learning environment for a student. so we're cognizant of that. and again, we're frustrated that folks that were running the school system previously didn't address this, and we're here today, and we're going to address it today. we think there's an urgency about this to get this work done, do it well, and make sure that the best interest of the student is always at heart, which it is. >> brown: timely does, this mean loss of jobs, teachers' jobs, administrative jobs, and do you think this is it? is there more to come? >> there potentially could be a loss of jobs. in the last teacher crooct there was a negotiated system of how these teachers would reapply for position. obviously, the student aren't going away, they're just being consolidated in one school billion. so we still need the high-quality teachers. we will save on custodial services that have fewer of those needs in one building versus two or three. yeah, we look forward to this being it. and thus making a big effort this year, making huge strides in getting a current right-size system and then for the next five years, being d
points. we don't anticipate a big change by the fed but given the environment around the globe this is important. >> i don't either. nobody around here seems to anticipate a big change in the fed policy. some are expecting they might tweak up their gdp forecast. that's a probability. probably we'll expect to see inflation expectations well anchored. i think you will hear that phrase as well. there's a problem with the stock market, although large parts of it are being ignored. fed ex and caterpillar had rather disappointing commentary and this is giving a lot of help to the bears who have been saying the gloge econobal econot as strong as the u.s. stock market is indicating here. the markets are ignoring fed ex and caterpillar and that's making traders say that's because all they care about is the federal reserve and what they have to say. wells fargo did downgrade another couple big machinery names, deer and agco. they downgraded that because they thought corn prices would be declining so sales would not be increasing as much next year. >> thank you very much, bob. to seema mo
environment. sandra: so, tuna, you're saying this move away from pay tv. will hit every provider than one. >> comcast, the reason they bought nbc universal to protect themselves a little bit on the distribution exposure that they have. what you're seeing guys like disney and cbs and parent company news corp are considered some of the premier content providers out there, someone like content nirvana, right? so the industry is going through a renaissance where a lot of company we're recommending leveraging content and monetizing them in a very, very fragmented landscape where the consumer has a lot more options than ever before. so i think the balance of power is gradually and will continue to shift in favor of branded entertainment content. adam: i think jay leno would agree with you on nbc call because he thinks they're extinct. let me ask you this. what content creators do you like? i think we're one of them, news corp, the parent company of fox business. who do you like? what companies do you really see as doing well because of this? i know that the time warner pays us to carry programi
and are starting to increase dividends. an increase in the interest rate environment for the banks would be positive for the bottom line. shibani: ralph, what about you? anything you're staying away from and you wouldn't touch with a 10 foot pole? >> i mentioned it before the emerging markets have been lagging. i think it is too early to buy into emerging markets. i think part of that problem is the fact that there is a question about growth and, as a result of that, you have a lot of the commodity not doing very, very well like steel and copper and things like that. i think i would avoid that for a while. shibani: all right, ralph and jim, thank you very much for joining us today. david: thanks, gentlemen. happy weekend. >> thank you. >> you too. shibani: leaders of the european union are locked in bailout talks as the clock wind down for the country to raise 5.8 billion euros in order to receive a much-needed bailout. we'll go live to the heart of all the action to cyprus. david: how many people would buy that country right now, speaking of cyprus, the idea of confiscating people's inc
on the importance of protecting the environment and also talking about how we all need to treat each other with love and kindness, tenderness, and not let omens of destruction, hatred and the zero private the file our lives. >> people clapped and interrupted throughout his speech. he is getting a lot of support on his first day as pope. >> he is conservative on lot of the church doctrine. he did criticize priest who in the past refused to baptize babies born to single mothers. >> that gives you a sense of what we are talking about about his compassion for those less fortunate and that is something obviously people expect out of the position of both. he will be looking to lead the catholic church to the new century. a lot people are hoping he will bring change. in fact, we were talking about the poll numbers for catholics in america for a lot of them are liberal leaning when it comes to social issues. we will see if pope francis will bring change to the church. >> closer to home we are talking about a change in the weather. we're talking about rain years erica with our forecast. good morning. >> and
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